Fundraising Goals
Typically, when asked the question "how much cash would you like to raise at your event?", most hosts understand that they haven't given it enough thought. They know what they'd like to do with the money made, what kind of theme they'd like to have, maybe even how many people are likely to come. But they frequently haven't put a figure on the amount they'd like to make.
Setting genuine goals for how much cash you would like to make is the major starting point for any successful fundraising event. The objective should determine the value of your tickets, the number of sponsorship you request and the limit of your overheads. A successful fundraiser doesn't have to be hard to organise - you just need to follow these steps:
Decide how much money you would like to make from the function.
Value your tickets accordingly so that they cover your outgoings and your desired profit goal.
Look into other sources of income on the night.
Minimise your overheads.
Draft a statement of your proposed income and overheads to see how you're tracking.
Obviously the key to your bottom line is to maximise your revenue and minimise your overheads. As fundamental as this concept is, a lot of event organisers disregard it when running a fundraiser.
This guide will aid you through the method of reckoning your revenue and expenses and give you extra tips to make the most out of your event so that you can meet or even exceed your goals.
Getting your ticket sales right is the single most important thing you can do when it comes to holding a successful fundraising event. If you price your tickets right and meet your sales goals everything else should fall into place with ease.
Ideally you would like your desired net profit for the event to be locked up by ticket sales before the function even starts. To do this, however, you need to price your tickets correctly and have a pretty good estimate of the number of tickets you are likely to sell.
Ask yourself the following questions to set your ticket price:
How much cash do you want to make? This will be your desired net gain.
How many tickets can you sell for this function?
What is the total of your expenses?
What is the total of your net profit and expenses? This will be your gross
Net profit + expenses = gross
Gross? tickets = ticket price
For example:
We wish to make $3500 from our function
We assume we can sell 200 tickets
Our total expenses are $1500
$3500 + $1500 = $5000
200 tickets = $25 per ticket, which covers your expenses and your desired profit.
If the price is possibly to be too high for the majority of your audience then you may need to look either at the potential to sell more tickets at a smaller price or reduce your expenses. Remember too that it's possible to under-charge your guests! If you know they'll be happy to pay a little more for the function you're offering them, don't be afraid to charge it.
By selling the proposed number of tickets and following the instructions above you will always understand your intended net profit and in most cases a higher number. If you don't sell the preferred number of tickets, however, or if your expenses are higher than budgeted then your net profit can be badly affected.
Remember though: if you've got your ticket selling right then everything else you raise on the night will be a bonus.
Ticket sales are usually your best source of revenue at a fundraiser. Wherever possible, you should try to lock up your desired net profit for the evening from ticket sales alone - that way everything you make from other things to do on the evening is a surplus and you also have a cushion against any unexpected expenses.
Make sure that you delegate the task of ticket sales to more than one person. It is far easier for 20 staff to sell 10 tickets each than for one person to sell 200. Hold each seller accountable for the sale of their allocation of tickets and make sure you promote you event as widely as possible - posters, e-mails, flyers, personal contact or other forms of publicity might all be relevant depending on your audience.
Bottom line: ticket sales is usually your primary source of revenue and the financial success of your function often depends on meeting your ticket sales goals. Promote widely and spread responsibility for sales.
The way you select to organise your food and drink package will vary depending on the format of your function and how you choose to structure your ticket prices. Usually the more costly the ticket, the more likely attendees are to expect food and at least a certain amount of drinks to be included. If all drinks are included, ensure this has been built into the ticket price.
Another option for functions where drinks aren't included in the ticket price is to provide two free "drink tickets" to each guest on entry. These might be redeemed at a rate of one ticket for a soft drink or two tickets for an alcoholic drink. Once these tickets have been used guests can purchase additional drink tickets or buy drinks over the bar.
Remember to make sure your drinks package includes options to suit all your guests, especially if you are buying the drinks yourself or using your club's existing bar. Don't forget to cater to all guests, including vegetarians.
Know your guests, understand their expectations and manage your bar wisely. Likewise, you need to achieve a harmony with your food package. Poor quality or not enough food might leave people feeling short changed, however, food is rarely a source of significant income and a wonderful meal isn't usually the focus of these events either so be careful not to go overboard.
Sponsorship can be a great way to source extra revenue for your function. There are a few ways you can pursue sponsorships for a casino fundraiser. One is to solicit sponsorship for the entire function. One or more companies may want to pay a bigger number to sponsor the event as a whole. Alternatively, they could sponsor individual parts of the evening such as the auctions or a specific part of the amusement program.
Casino table sponsorship is another option. The sponsorship number should, ideally, be enough to cover the cost of the table and staff. Signs can be displayed on the table to give recognition to the sponsors.
Sponsors can also provide marketing items or small prizes to be handed out at the table - the sponsor could give pens with their logo to be given away to anyone who is dealt a blackjack, for example.
When you first approach a potential sponsor, make sure you can tell them what's in it for them. This might include:
Exposure through their logo being included on function posters, flyers, e-mails, programs and/or signage on the night.
Recognition in speeches during the night.
Free tickets to the function for them and their customers, family or friends.
The opportunity to hand out promotional items on the night. You can organise your own showbags and give multiple sponsors the opportunity to include promotional items in them.
Promotion on your organisation's website for a set period before and after the function.
Opportunity for dealers or other event staff to wear hats, shirts or uniforms provided by the sponsor. Please discuss this option with your function manager prior to making any agreements with sponsors - as not all requests may be realistic or relevant.
Remember that sponsorships may be financial or they may be in the form of donations such as prizes for auctions.
Also remember that the more you ask from a sponsor, the more they are likely to expect in return, and that if different sponsors are donating different amounts there should be a difference in the level of exposure they receive.
Make sure you give sponsors value for cash. If they feel as though they are getting value in return for their donation they'll be more likely to attend the event and sponsor the function again in future years.
Auctions
Two types of auctions are common at fundraising functions - live auctions and silent auctions. Both can produce significant revenue, however, they need to be carefully managed to understand their full potential.
There are lots key ingredients to a profitable live auction:
Make sure you have a responsive audience. close the casino tables and other activities during the auctions to make sure you have everybody's full focus.
Shorter is better. Your live auction should at best last for no more than 30 minutes to keep your guests engrossed.
Less is more. Generally it's best to have fewer items that you can charge a higher price for rather than too many lower-cost items.
Use an experienced, dynamic auctioneer. The person on the microphone can make or break your auction. A good auctioneer will keep the guests amused, engaged and bidding.
Silent auctions provide an opportunity to make extra funds. They largely run themselves during the night, however, substantial organisation is needed before and after the function to make them work. Typically supplementary sponsors need to be found to donate the items being auctioned and to collect money off the triumphant bidders at the conclusion of the auctions.
Assess the amount of silent auction items you can realistically expect to be given for your event, the amount of revenue you could expect to raise from them and how the silent auctions will be incorporated with the other activities being run on the evening.
Signage should clearly state if you accept credit cards, cheques, cash only or how long after the event the winning bidders have to pay. Silent auctions can provide your function with significant extra revenue as well, however, they need to be run very carefully to be profitable.
Overheads
The fundamental rule regarding expenses is to keep them to a minimum without effecting your function.
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